Bitcoin experienced a turbulent weekend, with a crypto-whale rotation sending its price into a sudden flash crash. But Japan-based BTC treasury firm Metaplanet bought more Bitcoin and was included in a major index.
Whale Triggers $45 Billion Market Plunge
Bitcoin fell 2.2% in under 10 minutes on Sunday, wiping out $45 billion in market value. The drop began when a longtime whale rotated more than $2 billion in Bitcoin into Ether, setting off cascading sell orders.
Blockchain data showed the whale sent 24,000 BTC worth $2.7 billion to decentralized derivatives platform Hyperliquid across six transfers over nine days. Out of that amount, 18,142 BTC was exchanged for 416,598 ETH, and there is $1.3 billion worth of Ether staked, which suggests a long-term approach by the whale.
During the peak of the flash crash, the BTC price fell to its lowest price of $ 112,174. Ether slid 4% from $4,937 to $4,738 during the same period. Both coins later recovered part of the losses.
Crypto analyst MLM reported the whale also longed 135,263 ETH on Hyperliquid, creating total exposure of 551,861 ETH worth $2.6 billion. Veteran analyst Willy Woo said Bitcoin’s price is now heavily influenced by “OG whales” who bought at $10 or lower in 2011. Woo estimated it takes $110,000 in new capital to absorb every Bitcoin they sell.
Institutional and On-Chain Outlook
Bitcoin ended the weekend trading around $114,974, down 0.58% in 24 hours. Traders will be on the lookout for the $117,000-118,000 resistance barrier as analysts indicate that the clearance of this barrier could initiate a rise to the $131,000 zone.
On-chain statistics indicate a drop in the MVRV Z-Score below the neutral peak, which suggests underestimation and a potential reversal trend. Other price zones worth watching are accumulation zones between $112,000 and $118,000.
Bullish interest was also boosted by the recent dovish remarks by the Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium. After his speech, BTC rose to a high of $116,000. Past patterns have shown that similar macro indicators were used to predict gains of 100% to 200% accurately.
Whale Holdings Still Massive
Despite the selloff, the whale still controls 152,874 BTC across multiple wallets linked to HTX exchange deposits made six years ago. Another whale recently sold 670 BTC, worth $76 million, to long Ether, reinforcing a broader trend of whales pivoting toward Ethereum.
Ethereum has climbed 220% since April’s $1,471 low, narrowing its gap with Bitcoin and Solana, which led earlier in the cycle. Analysts caution that further whale-driven activity could produce more volatility in the weeks ahead.
Metaplanet Expands Bitcoin Treasury
While whales shook short-term sentiment, Japanese firm Metaplanet deepened institutional adoption by purchasing an additional 103 BTC for $11.7 million. The move lifted its total holdings to 18,991 BTC, worth $1.95 billion at an average purchase price of $102,712.
Metaplanet also gained entry into the FTSE Japan Index as a mid-cap stock following the FTSE Russell semi-annual review. The inclusion also means an automatic inclusion in FTSE’s all-world index that tracks prominent companies of the world. The company’s CEO, Simon Gerovich, described the milestone as a breakthrough in opening up traditional financial capital to Bitcoin.
Market Performance and Expanding Corporate Adoption
Metaplanet stock has gained 187% so far this year compared with the 7.2% rise in the TOPIX Core 30 index. The increases exceeded those of Japanese corporate giants such as Toyota, Sony, and Nintendo.
Despite that performance, volatility remains high. Shares are up 147.9% in 2025 but dropped 26.9% in the last month. The company plans to reach 210,000 BTC holdings by 2027, aiming to control 1% of Bitcoin’s capped supply. Executives have floated using part of the treasury for acquisitions in digital banking and blockchain ventures.
Metaplanet’s progress reflects a broader wave of corporate and institutional adoption. Japanese finance conglomerate SBI Group partnered with blockchain oracle Chainlink to deliver tools for tokenized assets and cross-border transactions. The alliance follows SBI’s recent deals with Circle, Ripple, and Startale to expand stablecoin use and build onchain trading platforms.
